Spicers July 2010

1. Neenah®Color Copy Spicers July 2010

2. Agenda • Your Neenah Paper Team • Neenah Paper’s Commitment and Vision • Review of Neenah’s market research of the color copy product category. • Why Neenah®Color Copy? • Neenah®Color Copy Product Attributes • Questions / Open Discussion

3. Your Neenah Paper Team • Fred Lotthammer, Area Sales Director • Fred.lotthammer@neenahpaper.com • Kim Shannon, Senior Account Manager • Kim.shannon@neenahpaper.com • Chris Schneider, Customer Logistics Manager • Chris.schneider@neenahpaper.com • Sara Beach, Customer Service Representative • Sara.Beach@neenahpaper.com

4. Successful Strategic Transformation Neenah at Spin-Off 2005 Sales $732 million Neenah Today 2009* Sales $600 million Actions Taken Strategic Direction • Purchased Fox River Paper in March 2007 • Synergies through footprint consolidation • Entry into other market segments Fine Paper $222 mm • Leader in highly-profitable premium papers niche • Mature market Fine Paper $252 mm • Grow share in consolidating premium papers market • Expand into new niches • Purchased Neenah Germany in October 2006 • Scale in Tape & Abrasives • Important presence in transportation filtration • Added technological capabilities and new markets Technical Products $121 mm • Limited scale • Sub-optimal mix Pulp $380 mm Technical Products $348 mm • Highly cyclical commodity market • Generated losses with two high cost mills • Capital intensive Sold Terrace Bay mill in August 2006 Sold Pictou mill in June 2008 • Deliver growth via global expansion of filtration and other existing markets • Accelerate new business development efforts Sold 500,000 acres in June 2007 for $140 million Sold remaining 500,000 acres in March 2010 for $85 million Timber • Non-performing asset * Q3 annualized

5. Neenah Paper Today • Mill Locations • Neenah, WI • Appleton, WI • Stevens Point, WI • Paper Machines: The 5 newest Paper Machines in the entire premium market • 2 machines in Appleton: 90” and 75” • 1 machine in Neenah: 110” • 4 machines in Whiting: two 125” machines and two 110” machines • Newest equipment in the industry means better quality controls and greater range of capabilities to meet your needs • Finishing Center in Neenah, Wisconsin • WOW Warehouse in Menasha, Wisconsin • The largest warehouse dedicated to a single TCW mill in the premium paper industry.

6. Vision, Mission and Strategy • At Neenah Paper, our vision is to be the first choice for premium branded and customized paper products. • Our mission is to create value for our customers and stockholders • Through innovation, service and excellence • Delivered by employees who will create this value and drive our success • The strategy is to grow market and customer dollar share of the highest quality and market valued paper solutions by uniquely solving the needs of market leading Customers.

7. Writing, Text & Cover Packaging & Labels Specialty / Non-Traditional

8. A New Opportunity to Drive Growth! Neenah®Color Copy

9. Color Copy Market Research / Headlines • Survey conducted in 2H of 2009 focused primarily on printers. • Over 400 participants in quantitative research, 20+ qualitative interviews. • Participants had awareness of category and had purchased in the past. • Uncoated color copy category size estimated at 100,000 tons annually. (200,000,000 lbs.) • Black & white production equipment is transitioning to color – color click through charges are significantly higher than B&W allowing printers to use a more premium sheet to drive the image. • The uncoated color copy market leader is Hammermill with nearly a 50% share, followed by a variety of other solutions from Mohawk, Wausau, Finch, Domtar among others. • The majority of product category solutions are currently manufactured with 0% PCW content with high brightness/whiteness.

10. 90% of respondents will use the same or more color copy in the future Which of the following best describes your expected future use of uncoated color copy paper?

11. Smoothness and brightness are key purchase drivers for color copy Multiple Responses Permitted

12. Recycled content is an important factor for almost 70% of respondents Importance of Recycled Content? % of Recycled Content Desired?

13. FSC dominates green certifications; other attributes “nice to have” What green certifications do you require in an uncoated color copy sheet?

14. Color Copy size is dominated by 8.5x11 volume with 11x17 a distant second

15. Equipment Used for Uncoated Color Copy Paper is Mostly Dry Toner Based

16. Likelihood to try a New Uncoated Color Copy Paper from a Respected Mill or Brand is very high!

17. Who Should we Target Together? • Small to mid size printers (don’t forget your Minuteman and Alphagraphics shops) • Government agencies – school districts, city, state, etc. • Health Care Industry • Non Profits – i.e. mega churches • Universities and Colleges • Corporate In Plants • Business Centers – Costco, Office Max, Staples, etc. • Hospitality Industry – i.e. Shilo Inns • Insurance Industry • Law Firms

18. Neenah®Color Copy Is Here! Why Neenah Paper • Key attributes that drive the purchase of color copy are what Neenah does best: • Brightness • Smoothness • Print Performance • Research is clear – buyers would like to be more green, but not at expense of key attributes • Our approach – find a way not to require a trade-off

19. Neenah®Color Copy Is Here! Neenah® Color Copy • Weights: 28W, 32W, 80C, 100C • Sizes: 8.5x11, 11x17, 12x18 • Optimized for dry toner but is also • HP/RIT Certified • Price: $85.00 per cwt. • Earned Exclusive throughout Spicer footprint

20. Neenah®Color Copy Specifications

21. Neenah®Color Copy

22. Neenah®Color Copy

23. Neenah®Color Copy Market Support A & P Support: • Product trial sample packs (8.5x11 & 12x18) • Product awareness support: • Hand out material • Direct Mail mailer • Trade Advertising

24. Questions / Discussion?